What's Wrong With the Nasdaq?

Last week, chart watchers were discussing how major market indexes were threatening to move below their respective 50-day moving averages. In fact, I wrote that the Nasdaq lost its battle in Monday's column (see Getting Technical, "Is the Party Ending for Stocks?" Oct. 22).

After a rough few days, the Nasdaq is taking it a step further and is already testing its 200-day average (see Chart 1). A breakdown there would be very...